NEW DELHI: Gold and silver prices declined on Monday amid fading hopes of a near-term interest rate cut by the US Federal Reserve, while escalating tensions in West Asia kept investors cautious.
On the Multi Commodity Exchange (MCX), gold futures for the April 2 contract were trading at Rs 1, 56, 655 per 10 grams, down more than 1 per cent or Rs 1, 811, touching an intra-day low around 10 am.
Meanwhile, silver futures for the May 5 contract plunged 1.95 per cent or Rs 5, 068 to Rs 2, 54, 367 per kg on the exchange.
In the international market, precious metals also traded lower. Gold was down 0.66 per cent to about $5, 028 per ounce, while silver declined 0.79 per cent to around $80.70 per ounce.
The outcome of the upcoming policy meeting is expected to play a key role in determining the near-term direction of gold prices, analysts said.